I have been in so many bidding wars and there's no room for negotiation if the faucet is leaking or the water tank is old. It is As Is Where Is and you pay more. The one who wins the bidding war is an offer without subjects to financing or inspection (this is my experience from the last 3 months). Even if there are subjects, the seller won't fix anything from the inspection result 'coz there's a back-up offer. The same in foreclosure--your offer might get accepted, but at the court date, there might be more offers coming and more than the asking price.
Don't blame anybody when you get the house from bidding war and you have major expenses to occur when you move in. We are here to protect you! If you know the house is not worth it , move to the next one. The psychology of emotion sometimes can disturb your judgement.
Bidding war is not for everyone! Seek advice! REALTORS® who have been in this situation have team of experts bank/appraiser/inspector/structural engineer, lawyer to help you prepare for bidding war.
Thank you Barb Olsen Bell for all the Clauses and helping us to become an expert on the Contract of Purchase & Sale. Helping you is what we do!!! :)
